Rochester Marine Developments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01793607 (England and Wales)

Financial Statements

for the Year Ended 31 January 2022

for

Rochester Marine Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C J T Featherstone

S P Featherstone

S M Featherstone-Clark

SECRETARY:

S M Featherstone-Clark

REGISTERED OFFICE:

375 High St.

Rochester

Kent

ME1 1DA

REGISTERED NUMBER:

01793607 (England and Wales)

AUDITORS:

Craufurd Hale Audit Services Limited

Ground Floor

Arena Court

Crown Lane

Maidenhead

SL6 8QZ

FIXED ASSETS

Tangible assets

4

14,260

14,347

CURRENT ASSETS

Debtors

5

30,778

37,631

Prepayments and accrued income

567

28

Cash at bank and in hand

41,102

22,090

72,447

59,749

CREDITORS

Amounts falling due within one year

6

6,455

3,884

NET CURRENT ASSETS

65,992

55,865

TOTAL ASSETS LESS CURRENT LIABILITIES

80,252

70,212

PROVISIONS FOR LIABILITIES

7

49

66

NET ASSETS

80,203

70,146

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

8,097

8,097

Retained earnings

8

72,006

61,949

80,203

70,146

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2022 and were signed on its behalf by:

S P Featherstone - Director

1.	STATUTORY INFORMATION

Rochester Marine Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include the revaluation of land and buildings at fair value. The principal accounting policies adopted are set out below.

The presentation currency of the financial statements is the Pound Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods,. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

The land and buildings are assessed by the directors at each reporting date and any change in the carrying value of the assets reflected in the financial statements.

Turnover

Turnover represents moorings and related charges and is recognised over the term of the rental period on a straight line basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation. The value of the moorings is determined by the directors at each reporting date based on a multiple of annual rental income.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to group companies.

a) Trade and other debtors

Trade and other debtors are recognised at transaction price less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

d) Trade and other creditors

Debt instruments like loans from group companies and other accounts payable are measured at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 February 2021

and 31 January 2022

14,000

11,486

25,486

DEPRECIATION

At 1 February 2021

-

11,139

11,139

Charge for year

-

87

87

At 31 January 2022

-

11,226

11,226

NET BOOK VALUE

At 31 January 2022

14,000

260

14,260

At 31 January 2021

14,000

347

14,347

Cost or valuation at 31 January 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2021

8,097

-

8,097

Cost

5,903

11,486

17,389

14,000

11,486

25,486

The property was revalued by the directors on 31 January 2022. The value of the moorings is determined by the directors at each reporting date based on a multiple of annual rental income.

5.

DEBTORS

31/1/22

31/1/21

£

£

Amounts falling due within one year:

Trade debtors

-

2,662

Corporation Tax refund

537

537

537

3,199

Amounts falling due after more than one year:

Amounts owed by group undertakings

30,241

34,432

Aggregate amounts

30,778

37,631

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/22

31/1/21

£

£

Amounts owed to group undertakings

1,440

1,440

Taxation

2,376

1,125

Accrued expenses

2,639

1,319

6,455

3,884

7.	PROVISIONS FOR LIABILITIES

31/1/22

31/1/21

£

£

Deferred tax

49

66

Deferred

tax

£

Balance at 1 February 2021

66

Credit to Income Statement during year

(17

)

Balance at 31 January 2022

49

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2021

61,949

8,097

70,046

Profit for the year

10,057

10,057

At 31 January 2022

72,006

8,097

80,103

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for Qualified Opinion

We have not obtained sufficient audit evidence regarding cost and depreciation amounts disclosed in note 5 with respect to fixed assets as at 31 January 2022. Due to the possible effects of misstatements of fixed assets at 31 January 2022, we are unable to form an opinion on the amounts and disclosures included within these financial statements.

No fixed asset register was maintained, and we were therefore unable to confirm the existence of fixed assets at 31 January 2022. As a result, we were unable to determine whether any adjustments might have been found necessary in respect of fixed assets and the elements making up the disclosures included within note 5.

We were unable to obtain sufficient audit evidence on the property valuations undertaken by the directors as at 31 January 2022. As a result, we are unable to determine whether any material misstatement exists with respect to the valuations undertaken. We therefore cannot satisfy ourselves that valuations disclosed in the Statement of Financial Position and the resulting impact on the reserves and Income Statement are free from material misstatement.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Christopher Krol FCA (Senior Statutory Auditor)

for and on behalf of Craufurd Hale Audit Services Limited

10.	RELATED PARTY DISCLOSURES

Related party transactions with the parent company were conducted at arms length and at market rate. The company has therefore chosen not to disclose these transactions within these financial statements as permitted by FRS 102 section 1A. There are no other disclosable related party transactions. Amounts owed by the parent company and to group companies are disclosed in note 7 of these financial statements.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Featherstone's, Limited, the ultimate parent company..

The address of the parent company's registered office is 375 High Street, Rochester, Kent, ME1 1DA, which is also its principal place of business.